Managing Energy Price Risk (4th edition)

Energy Markets

In order to operate as a professional in this business, it is necessary to understand every layer of the industry (physical, financial, and geo-political). The energy markets represent a network of related physical, financial and credit markets, with very complex interactions and interdependencies. This book enables the reader to come to an understanding of every layer and interaction, learning everything they need to about the realities of working within these markets, in an accessible, straightforward manner.

Energy markets are evolving towards a highly integrated, global system, with shocks propagating across specific physical commodities markets and different local markets. The physical and financial markets cannot be examined in isolation from each other and this book brings the two together, providing detailed and comprehensive coverage of these continually evolving areas.

Energy Markets is the first of two books that provide a comprehensive, systematic and extensive review of these complex and constantly evolving markets – markets that are critical to maintaining the standards of living achieved by highly developed societies and to the future fortunes of emerging economies.

Mr Vincent Kaminski has spent fourteen years working in different positions related to quantitative analysis and risk management in the merchant energy industry. The companies he has worked for include Citigroup, Sempra Energy Trading, Reliant Energy, Citadel Investment Group, and Enron (from 1992 to 2002) where he was the head of the quantitative modeling group. Prior to beginning a career in the energy industry, Mr Kaminski was a vice president in the research department, bond portfolio analysis group, of Salomon Brothers in New York (from 1986 to 1992). In September 2006 Mr Kaminski accepted an academic position with Rice University in Houston (Jesse H. Jones Graduate School of Business) where he is teaching MBA level classes on energy markets, energy risk management and valuation of energy derivatives.
Mr Kaminski holds an M.S. degree in international economics, a Ph.D. degree in theoretical economics from the Main School of Planning and Statistics in Warsaw, Poland, and an MBA from Fordham University in New York. He is a recipient of the 1999 James H. McGraw award for Energy Risk Management (Energy Risk Manager of the Year). Mr Kaminski has published a number of papers, and contributed to several books, on the energy markets.